Ahmad Fuaad to end tenure as Proton CEO on Sept 30

KUALA LUMPUR: Datuk Ahmad Fuaad Kenali will end his tenure as Proton Holdings Bhd Chief Executive Officer (CEO) on Sept 30, 2017.

In a statement today, DRB-Hicom Bhd also said its Group Managing Director, Datuk Seri Syed Faisal Albar, would continue his role as overall Chairman of Proton Holdings.

It also added that Datuk Radzaif Mohamed would remain as Deputy CEO of Perusahaan Otomobil Nasional Sdn Bhd (PONSB) and Abdul Rashid Musa would continue as CEO of Proton Edar Sdn Bhd.

Ahmad Fuaad was appointed CEO of Proton Holdings on April 1, 2016, after assuming his position as DRB-Hicom's Chief Operating Officer/Senior Group Director in 2013.

Syed Faisal said under Ahmad Fuaad's watch, Proton had rolled-out four new models in the span of eight months.

"He also played a vital role in closing the national carmaker's search for a suitable
foreign strategic partner (FSP).

"The need for an FSP in Proton was one of the key priorities of DRB-Hicom at the point of our acquisition of Proton Holdings in 2012," he said.

Meanwhile, DRB Hicom said, the corporate exercise undertaken with Zhejiang Geely Holding Group was almost completed.

Once it has been completed, it said, Geely Holding would be nominating a suitable candidate as CEO of PONSB, adding that an announcement would be made soon in relation to the composition of the board of directors, with representations from both DRB Hicom and Geely Holding.

Both DRB-Hicom and Geely Holding have been intensifying their effort to finalise their business plan for Proton Group, which would incorporate their strategies to jointly develop new models for the global market.

DRB-Hicom and Geely Holding hold 50.1% and 49.9% stake in Proton Group, respectively.

The group comprises three key entities — Proton Holdings Bhd as the holding company; Proton Holding's subsidiary, PONSB as the main production, operations, manufacturing and marketing company; and, Proton Edar as the group's main distribution outfit.

For all three entities, DRB-HICOM has one additional seat at the board of directors; matching its 50.1% stake.
— Bernama